Tuesday, June 15, 2010

Renting Your Home in 5 Easy Steps

A homeowner who is able to sell a property at the asking price has the potential to reap a profit, but what happens when you are having trouble getting your home sold? In today’s difficult market, many homeowners are taking advantage of renting out their homes, or individual rooms, in order to cover the bills.

According to Glenn Curtis, freelance financial writer and analyst, here are five easy steps that will help make the renting process easier and more profitable.Study the market: Check local newspapers and with local Realtors to see what comparable homes/properties are renting for in the neighborhood. This should help you establish a fair rental price.Prep the home: Renters may not take care of the home or its furnishings; therefore, the owner might consider removing breakables and personal items in order to avoid damage and potential arguments.Find a renter: Consider advertising in local newspapers, in the brochures and bulletins found in supermarkets and on website classifieds. The idea is to try to get as many people to view the rental details as possible, so that you are left choosing your renter, rather than having to go with the only renter who expresses interest in your place.Interview: Consider meeting with the potential renter rather than simply dealing over the phone. Knowing who will inhabit your home may put your mind at ease and help you weed out unsuitable candidates.Spell out the deal: You should consider contacting an attorney (particularly one that specializes in real estate) to help see you through the rental transaction. The lawyer should be able to provide or help draft a rental agreement/contract. Consider any stipulations you want in the paperwork (like late fees, lease terms, payment due dates, etc.) and make sure the attorney includes those items.